Question

please answer it.make income and expenditure account and closing balance sheet​

Answer 1

STEP 1: Prepare Opening Balance Sheet

STEP 2: Examine the ‘Receipts Side’ of the Receipts and Payments Account and Identify the Revenue Receipts and Capital Receipts.

STEP 3: Examine the ‘Payments Side’ of the Receipts and Payments Account and identify the Revenue Payments and Capital Payments.

STEP 4: Examine the Additional Information

STEP 5: Ascertain the ‘Surplus’ or ‘Deficit’

STEP 6: Prepare Closing Balance Sheet of the Current Year

Answer 2

Answer:

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